Trevor Milton, the embattled founder of Nikola Corporation, was once hailed as a visionary in the electric vehicle space. With a bold vision and magnetic pitch, he rode the green energy wave to an astronomical net worth — only to fall from grace amid criminal fraud charges. Today, Milton’s story is a cautionary tale in the world of tech startups, SPACs, and unchecked ambition.
From Modest Beginnings to Entrepreneurial Ventures
Born in April 1982, Trevor Milton grew up in a modest Mormon household in Utah. Now 42 years old, he was driven from a young age to find financial success. He dropped out of college early, opting instead to pursue entrepreneurial ventures. One of his first businesses involved selling home security systems, which he later sold for $300,000 — his first major payday. This early win fueled his ambition.
Milton followed that up with a short-lived online used car business and eventually entered the alternative fuel space with dHybrid, Inc., a company focused on converting trucks to run on natural gas. Though the company was small, it laid the groundwork for what would become his most ambitious project.
The Birth of Nikola Motor Company
In 2015, Milton founded Nikola Motor Company in Utah before moving its operations to Phoenix, Arizona. The company’s name — a nod to inventor Nikola Tesla — suggested a direct challenge to Elon Musk’s Tesla, Inc. From the beginning, Milton positioned Nikola as a disruptor in hydrogen fuel-cell and electric trucking.
Nikola’s rise was meteoric. In June 2020, the company went public via a reverse merger with a SPAC (special purpose acquisition company). Within a week of listing on NASDAQ, Nikola’s market capitalization surged to nearly $30 billion — despite the company not delivering a single truck or generating significant revenue.
Peak Wealth and Sudden Scrutiny
At Nikola’s peak valuation, Milton’s net worth ballooned to nearly $12 billion. He held approximately 40% of the company’s shares, placing him among the richest people in America. At the time, his personal fortune exceeded that of many legacy auto executives and even rivaled the likes of Elon Musk — at least on paper.
His financial portfolio included a $32.5 million ranch in Utah — the most expensive home purchase in the state’s history — featuring 2,670 acres, a helipad, and a riverfront mansion. He also acquired a $6 million Gulfstream private jet, purchased with company shares from a Nikola board member, and later bought two more aircraft.
But the shine didn’t last long. Just months after Nikola went public, a bombshell report from short-seller Hindenburg Research accused the company of fraud. The most damning claim: a promotional video showing a Nikola truck driving was actually just the vehicle rolling downhill.
Resignation and Fallout
Under increasing pressure, Trevor Milton resigned as executive chairman in September 2020. As part of his departure, he forfeited a $20 million consulting contract and $166 million worth of stock-based compensation. However, he retained around 92 million shares, worth over $3 billion at the time.
In the years following his resignation, Milton gradually reduced his stake in Nikola. By mid-2022, he held around 20% of the company — still a sizable portion, but a far cry from his original 40%. To date, he has reportedly sold approximately $400 million worth of shares, though the current value of his holdings has dwindled due to the company’s declining stock price. As of 2024, his estimated net worth stands at roughly $250 million, according to financial disclosures and insider sale records.
Legal Troubles and Criminal Conviction
Trevor Milton’s legal challenges began in earnest in 2021. In July of that year, he was indicted on multiple counts of securities and wire fraud. Prosecutors alleged that Milton misled investors about Nikola’s capabilities, technology, and production timelines to inflate the company’s stock price.
He pleaded not guilty and was released on a $100 million bail bond. However, in October 2022, a jury found him guilty on three felony counts — two of wire fraud and one of securities fraud.
The sentencing followed in December 2023, when a federal judge sentenced Milton to four years in prison. Though prosecutors sought an 11-year sentence, the court imposed a reduced term. Milton has appealed the decision and remains free on bond as of early 2025.
Personal Life and Public Image
Trevor Milton is married and has largely kept his family out of the spotlight throughout his rise and fall. Despite being a polarizing figure in the business world, he continues to maintain a presence among entrepreneurial circles, though not without controversy.
Adding to his troubles, Milton also faced a separate allegation of inappropriate conduct from a female cousin, who accused him of misconduct when she was 15. Milton has publicly denied the accusation.
Legacy of a High-Stakes Visionary
Trevor Milton’s story is emblematic of the tech boom-and-bust cycles in the SPAC era. He went from being compared to Elon Musk to becoming a convicted felon — all within three years. His vision for zero-emission transport sparked excitement across Wall Street, but ultimately, a lack of transparency and execution unraveled the dream.
Today, Nikola Corporation continues to operate under new leadership, trying to rebuild investor confidence. Meanwhile, Milton’s future hangs in the balance as he awaits the outcome of his appeal.
Once worth billions, and now facing years behind bars, Trevor Milton remains a stark reminder of how fast fortunes can rise — and fall — in the world of startups.
